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/biz/ - Business & Finance

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55942705 No.55942705 [Reply] [Original]

Why can banks raise your mortgage rate after you agreed to borrow money? Shouldn't it just stay at whatever you agreed at the start?

>> No.55942724

>>55942705
jews

>> No.55942725

>>55942705
If you're canuck/europoor: No the jews are still fucking you over.
In the US: It's not the banks, it's the niggers in the nearest city raising property tax to pay interest on the bonds they sold to give food to niggers.

>> No.55942735

>>55942705
Wtf? This can't be real

>> No.55942744

>>55942705
I’m in the US so I don’t know how it works in other countries. What you’re describing is the difference between an arm and a fixed rate mortgage.
Arm stands for adjustable rate mortgage. The rate is fixed initially and then after an agreed upon time, the bank can raise the interest rate. Only short term investors (flippers) and absolute retards take these loans.
Fixed rate mortgages are loans at a fixed rate for 15 or 30 years.
I gave a 30 year mortgage fixed @2% so I’ll probably never refinance or sell.

>> No.55942746

>>55942724
>>55942725
So if I borrow from a non Jewish bank they won't do this?

>> No.55942748

>>55942725
>In the US: It's not the banks
It's the banks

>> No.55942751

>>55942705
Did OP not understand what an adjustable rate mortgage (ARM) is?

>> No.55942757

>>55942746
No, you need to get a fixed rate mortgage. Which you should have done 2 years ago before they hiked rates. You’ll now pay hundreds of thousands more for the same property in interest even with a fixed rate because it’ll be fucking 6 or 7%.
It’s compounded so it’s much more than it sounds like.

>> No.55942770

>>55942748
If you have a fixed rate mortgage and the payment goes up it's tax/insurance.
That's the municipality being retarded, not the bank. Go lynch your governor then.

>> No.55942775

>>55942705
I take it you're from a country like Australia where variable rate mortgages are the only option.

As much as Yanks will find this hard to believe, most of the world doesn't get to lock in a mortgage at one rate for 15-20 years like they do.

>> No.55942801

>>55942775
it really blew my mind to learn that there are countries without fixed rate mortgages. I don't know how anyone could be comfortable with a mortgage where you could lose your home at any time during the next few decades.

>> No.55942852

>>55942725
Alternative point: property tax

Family in France pays like $400/year in property tax and they have a farm. I pay 10x that for a half acre.

>> No.55942890

>>55942705
>Why can banks raise your mortgage rate after you agreed to borrow money?
Because you need a house. So it's the ultimate baggy option when you preferentially buy on mortgage. The bank of england* explained all this in their 2013 "creation of money" primer.

>*the crown is technically the largest land owner on the planet if ye were wondering.

>> No.55943052

>>55942705
Probably because you agreed to it. Read the contract.

>> No.55943687

>>55942852
What state? That sounds insane.